Welcome to our dedicated page for ATRenew American Depositary Shares (every three of which representing two news (Ticker: RERE), a resource for investors and traders seeking the latest updates and insights on ATRenew American Depositary Shares (every three of which representing two stock.
ATRenew Inc. (NYSE: RERE), headquartered in Shanghai, is a leading technology-driven platform specializing in pre-owned consumer electronics transactions and services in China. Founded in 2011, the company has dedicated itself to giving a second life to idle electronic goods, thereby addressing environmental concerns associated with e-waste. Operating under the brand ATRenew, the company manages a robust online and offline presence that integrates C2B, B2B, and B2C capabilities.
ATRenew's primary revenue stream comes from online sales of recycled phones and other consumer electronics. The company's extensive platform ensures transparent pricing through a competitive bidding model among recyclers. ATRenew has established significant partnerships with top-tier brands such as JD.com, Walmart, and Apple, enhancing its market presence and service quality. The company recently renewed its cooperation agreement with JD.com, extending their collaborative efforts until 2027.
Financially, ATRenew is on a growth trajectory, as evidenced by its recent performance metrics. For the second quarter of 2023, the company reported a remarkable 38.1% year-over-year increase in total net revenues, reaching RMB2,963.7 million. Operating efficiency has been improved through advanced automation technologies and big data algorithms, contributing to better inspection and logistics processes.
On the sustainability front, ATRenew is committed to reducing its carbon footprint. In its recent ESG report, the company highlighted its achievements in responsible recycling and green disposal of electronic devices. ATRenew is a participant in the United Nations Global Compact, showcasing its commitment to ethical practices and sustainability.
The company's future outlook remains optimistic, with plans to enhance its supply chain capabilities and customer experience. ATRenew aims to achieve sustainable long-term value for its stakeholders by leveraging its technological advancements.
ATRenew Inc. (NYSE: RERE), a leader in pre-owned consumer electronics transactions in China, filed its annual report on Form 20-F for the fiscal year ending December 31, 2022, with the SEC on April 18, 2023. The report can be accessed on the SEC and the Company's investor relations website. Shareholders can request a free hard copy of the annual report containing audited consolidated financial statements. Founded in 2011 and headquartered in Shanghai, ATRenew aims to reduce the environmental impact of pre-owned electronics through its comprehensive recycling and trade-in services, employing advanced grading and pricing technologies.
ATRenew Inc. (NYSE: RERE) reported its unaudited financial results for Q4 and full-year 2022, revealing a 22.4% year-over-year increase in net revenues to RMB2,981.2 million (US$432.2 million). However, the company faced substantial operational losses, totaling RMB2,210.6 million (US$320.5 million), primarily due to impairment losses of RMB1,819.9 million on goodwill. Despite these challenges, adjusted income from operations rose to RMB34.6 million (US$5.0 million). For full-year 2022, revenues grew 26.9% to RMB9,869.4 million (US$1,430.9 million) but net loss increased to RMB2,467.9 million (US$357.8 million). The company anticipates Q1 2023 revenues between RMB2,770.0 million and RMB2,870.0 million.
ATRenew Inc. (NYSE: RERE) plans to release its unaudited financial results for Q4 and full year 2022 before the U.S. market opens on March 13, 2023. Management will follow up with an earnings conference call at 8:00 A.M. Eastern Time on the same day. Investors can access the call via U.S. toll-free lines or the company's investor relations website. Since its inception in 2011, ATRenew has positioned itself as a leading platform for pre-owned consumer electronics transactions in China, focusing on sustainability through recycling and trade-ins.
On February 10, 2023, ATRenew Inc. (NYSE: RERE) announced the appointment of Shuangxi Wu to its board of directors, filling the vacancy left by Yanzhong Yao's resignation. Wu, a vice president at JD.com, brings extensive experience from her leadership roles in various departments. This new addition aims to enhance the company's strategy in pre-owned consumer electronics, focusing on trade-in solutions and green recycling. With Wu's expertise, the board now consists of eight members, including the founder and CEO Kerry Xuefeng Chen. The company continues its mission to provide sustainable electronics solutions in China.
ATRenew Inc. (NYSE: RERE) announced uninterrupted services during the 2023 Chinese New Year, from January 21 to January 27. Their core businesses, including AHS Recycle and Paipai Marketplace, will adjust operating hours to align with shopping mall schedules, ensuring seamless recycling services for consumers. Users will continue to benefit from a 10-day price match pledge on orders during this period. The company is also expanding services to include luxury goods and diamonds. Kerry Chen, CEO of ATRenew, emphasized the importance of meeting consumer demand for recycling during the festive season.
ATRenew Inc. (NYSE: RERE) has announced an extension of its existing share repurchase program for another 12 months starting December 28, 2022. The board approved a total repurchase amount of US$100 million, of which US$33 million has been repurchased to date. This leaves a remaining US$67 million for future buybacks. The company plans to finance these repurchases using its existing cash balance. This strategic move aims to enhance shareholder value while continuing its operations in the pre-owned consumer electronics market.
ATRenew Inc. (NYSE: RERE) reported a 29.2% increase in total net revenues for Q3 2022, reaching RMB2,536 million (US$356.5 million), driven by a 33.7% rise in product revenues. The company narrowed its operational losses to RMB110 million from RMB150.5 million a year earlier. Adjusted income from operations was RMB10.8 million (US$1.5 million), signaling improvement. Cash and cash equivalents rose to RMB2,672.7 million (US$375.7 million). The guidance for Q4 2022 indicates total revenues between RMB2,930 million and RMB3,030 million.
ATRenew Inc. (NYSE: RERE) is set to release its unaudited financial results for Q3 2022 on November 22, 2022, ahead of the U.S. market opening. A conference call will follow at 7:00 A.M. EST to discuss the results, with dial-in options provided for international and domestic participants. ATRenew operates a leading pre-owned consumer electronics platform in China, focusing on sustainability and recycling since 2011. The company aims to enhance its brand recognition and service offerings within the growing market for used electronics.
ATRenew Inc. (NYSE: RERE) announced the appointment of Lijun Xin and Yanzhong Yao as new directors on September 30, 2022, following the resignations of Lei Xu and Wei Tang. Lijun Xin will also join the compensation committee. Xin has extensive experience at JD.com, having led the integration of online retail and established JD Health. Yanzhong Yao, also from JD.com, holds various executive roles in the company. ATRenew's board now consists of eight members, aiming to enhance partnerships and improve consumer electronics trade-in solutions in China.
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